Ireland vs South Korea
Crypto regulation comparison
Ireland
South Korea
Cryptocurrency is legal in Ireland and subject to a 33% capital gains tax, one of the higher rates in the EU. The Central Bank of Ireland supervises VASPs under AML regulations, and Ireland follows the EU's MiCA framework. Ireland's status as a European tech hub has attracted crypto businesses.
South Korea is one of the world's largest crypto markets. The Virtual Asset Users Protection Act (VAUPA), effective July 2024, provides comprehensive investor protection including requirements for exchanges to hold user assets in cold storage and carry insurance. All VASPs must register with FIU and comply with strict AML rules under the Specific Financial Information Act. A 20% crypto gains tax (above KRW 2.5 million exemption, raised from the original 250K KRW threshold) has been deferred multiple times and is now scheduled for January 2027.
Key Points
- 33% capital gains tax on crypto profits (CGT), with an annual exemption of €1,270
- Income from crypto mining, staking, or airdrops may be treated as income tax
- Central Bank of Ireland registers VASPs under the Criminal Justice (Money Laundering) Act
- MiCA framework applicable from December 2024
- Ireland hosts European headquarters of several major crypto firms
Key Points
- Virtual Asset Users Protection Act (VAUPA) effective July 2024 — major investor protection law
- VASPs must register with FIU and partner with real-name verified bank accounts
- 20% national tax (22% effective incl. 2% local income surtax) above KRW 2.5M annual exemption (deferred to January 2027)
- Exchanges must hold 80%+ of user assets in cold wallets and carry insurance/reserves
- Only won-denominated trading pairs allowed on major exchanges (Upbit, Bithumb, Coinone, Korbit)